After selling $1.7 billion worth of preferred stock in May, Chesapeake Energy (NYSE:CHK) has offered another $900 million in preferred stock to more private investors.
The private investors interested in the onshore energy sources represented by Chesapeake, include four sovereign wealth funds: China Investment Corp., Abu Dhabi Investment Council, Korea Investment Corp. and Temasek Holdings, based in Singapore.
Also investing in the preferred shares were Li Ka Shing Foundation, a charitable foundation based in Hong Kong, private equity fund Hopu Investment Management Co., based in China, and Daiwa Securities of Japan.
Chesapeake focuses primarily on exploration and development of oil and natural gas onshore, and is among the leaders in extracting natural gas from shale.
The problem for natural gas is it's so abundant that the price will remain depressed for some time to come, the reason so many companies have been moving toward oil again, which is more profitable, even with the BP (NYSE:BP) disaster making some investors in offshore drilling nervous.
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